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October 11, 2005
IRS Raises Mileage Allowance
Good news for road warriors or anyone else who can deduct miles driven in a car: The IRS has raised to 48.5 cents the amount per mile you may deduct for business or charity-related travel. The price of regular gas has gone up about a dollar since this time last year, and the IRS, despite having raised the amount per gallon that is deductible several months ago, felt the need to do it again. Prior to these two increases, the last one was in 1999. Sometime in January, the IRS will decide again whether to raise or lower the amount per mile that can be deducted.
Posted by Rudy Maxa in Late-Breaking News | Permalink
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IMPORTANT NOTE:
The IRS has raised Tax Year 2007 business-related mileage rates to 48.5 cents per mile. Business-related mileage for 2006 was 44.5 cents/mile.
However, the mileage rates for charity-related and medical/moving-related car travel are NOT the same, as you imply in this comment. Medical/moving expense and charitable mileage for 2006 are 18 and 14 cents per mile, respectively. A special charitable-related mileage allowance WAS allowed for Hurricane Katrina, 32 cents per mile, but this was only for 2006.
Posted by: Daryl | Mar 26, 2007 5:23:34 PM
